IDBI Bank cuts BPLR

IDBI Bank has reduced its benchmark prime lending rate (BPLR) by 50 basis points (bps) to 12.75 per cent from 13.25 per cent. The new rate will be effective from April 1, 2008.

IDBI Bank is one of the last banks among its peers to reduce the benchmark rate.

Other banks such as State Bank of India, Bank of India, Bank of Baroda and Union Bank of India had cut their BPLR last month.